Posted on 01/18/2018 1:11:39 PM PST by DFG
Many Wells Fargo customers got a terrifying shock after finding their checking accounts drained due to a series of errors by the embattled bank. The Jan. 17 glitch reportedly emptied several customers’ accounts after processing their online bill payments twice and doubling transaction fees.
According to CBS News, the banking error also triggered overdraft fees on many checking accounts as customers around the country were mistakenly informed they had a zero balance. The bank’s phone lines were reportedly jammed through the night as angry customers demanded answers for the embarrassing mistake. Wells Fargo later put out a brief statement on Twitter explaining the situation.
(Excerpt) Read more at philadelphia.cbslocal.com ...
“Hey...about that batch job you had to restart - did you follow the procedures in the run book? You’re supposed to run the job that backs out all the transactions first....”
Glitch? Snort, this is evil Wells Fargo. Just a dry run from them.
Will they cover the over drafts? Missed credit card payments? Best the customers will ever get is a boilerplate letter saying they’re sorry.
Glitch?
They used to call that ‘robbery’.......................
Wells Fargo makes me think of Stagecoaches , my money goes nowhere near it
I got State Farm Bank in 2004. Every few months a -$6,437 entry would show up in my savings ledger. I’d go ballistic and call the bank. They’d remove it within hours. A few months later it’d happen again. So I’d call again. After the 4th time it stopped.
Right after Warren Buffet took over Bank of America, they changed their bill payer model to trap customers with $35 overdraft fees. It went like this:
Prior model: Schedule payments to come out on the 1st of the month. Most banks tell you to expect 3-5 business days to complete the transactions (not including EFT’s)
Buffett model: if customer wants bills paid on the 1st of the month then begin debiting the account 5 days prior.
Since most folks set up these bill payers to begin on their pay day, chances are they won’t have sufficient funds to cover and PRESTO CHANGO the bank gets $35 for each bad transaction.
And yinz all wonder how people like Elizabeth Warren manage to get elected.
I’m probably the biggest digital geek of anyone I know and they all drop jaw when I tell them I send old fashioned checks to pay most of my bills, specially the mortgage lender. Never trust them. Nor the people they employ, or the systems they use.
The more you know about how most of these organizations and systems function... the more you would rather drop off the grid. Public is significantly worse than private, but that doesn’t mean any of them can be trusted
I kinda agree on your assertion being a digi geek myself but ALL of my friends and family are stunned that I NEVER use my debit card for swipe machines like the grocery stores as I use primarily cash. Dont want the bank and gubmint’ tracking my moves..
Thank you for this reassurance, because I still pay almost all my bills by paper check, as well. I have wondered about being the last person on earth to handle finances this way, but, as you pointed out, I feel like I retain all of the control over when and where the money from my account is going out.
I still use bill pay from my bank, but I won’t use auto pay or auto debit. The advantage of bill pay from the bank is that if they have to send a physical check, they use routing numbers that do not match my account.
Anyone who has an physical check from my checkbook could use the routing numbers to transfer more money that what is designated on the check.
I learned not to bank at Wells Fargo back in the 1980s. I had a big overcharge on a credit card and no amount of phoning WF could correct it. I was just passed from one person to another and none of them helped. I finally just swallowed hard, paid the overcharge to avoid harming my credit rating, and canceled my card. Never again! Never, never! They’re either crooks or totally incompetent. Likely both.
No glitch. Human error. Glitch is the word they use when they want to put one over on an ignorant public.
After what they did to customers they should have no customers.
I keep a checking account with them that a little mad money goes into.
99% of the rest of what banking I do is with credit unions.
They're working hard on this effort!
Yep. That South Park clip was great simply because of how accurate it was.
“Do you have any money with us?” / “No! You just lost it!” / “Then you’re not a customer; next, please!”
He Gone!
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